Here’s a little story about a couple of clients of ours - let’s call them Mr. and Mrs. Smith...

Mr. and Mrs. Smith returned to retire in New Zealand in their late 50’s, after several years working in Singapore. Upon their return, they contacted us to arrange comprehensive health insurance to ensure they were protected against future medical expenses.

Mr. Smith had a significant medical history that included two spinal fusion surgeries and a shoulder surgery while overseas. These procedures typically pose challenges when trying to secure health insurance due to the common exclusion of pre-existing conditions.

Mr. Smith provided us his complete medical records, including specialist reports that detailed his surgeries and a positive prognosis following his treatments. The thorough documentation and optimistic outlook from his healthcare providers played a crucial role in the insurance company's decision-making process, and they agreed to offer the couple health insurance coverage - without any exclusions for Mr. Smith's pre-existing conditions. (This was a pretty huge achievement - the usual industry practice is to exclude pre-existing conditions from coverage!)

The couple’s premiums came out to around $11,000 per year. (I know what you’re thinking! Yes, health insurance can get pretty expensive as we age, but the peace of mind was invaluable to the Smiths.)

And then…

About a year into the health insurance policy, Mr. Smith was struck with further issues with his back and needed another spinal fusion surgery - a surgery with a price tag of $110,000! He contacted WealthHealth so we could facilitate the claims process for him. Given the pre-existing condition coverage included in their policy, the insurance company promptly approved and paid the $110,000 cost for the surgery.

Two years later, Mr. Smith needed another surgery - this time on his wrist and hand. Once again, the insurance company paid the claim (this time for $12,000) without issue.

This case highlights the critical benefits of maintaining health insurance, especially as we age and become more susceptible to health issues and accidents. The Smiths' story - of $122,000 claimed in just three years - is one of many I could share with you, where having health insurance has ended up being a huge financial relief, covering medical expenses that would otherwise be a massive financial burden.

I strongly believe that health insurance is the one insurance policy people should never cancel. The fact is, you are likely to make a claim at some point, and you will likely get value for your money (or a ‘return on your investment’) eventually.